Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    223 Nene Dr Spartanburg, SC 29303-6617

    • Office buildings
    • 4,240 SF
    • 2.95 lot acres
    OFF-MARKET
    Value Estimations
    $610,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US77-2412544
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Office buildings

    Property Details for 223 Nene Dr

    Year built
    1988
    Construction
    BRICK
    Lot size
    2.95 lot acres
    Property size
    4,240 SF
    Property type
    Office buildings
    APN
    6-1209-00500
    APU
    6120900500

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $572,000
      Market price range: $186k - $645k
      AI Estimate
      $505,000
      Market price range: $210k - $645k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $420,000
      Current use
      MEDICAL BUILDING
      $605,000
      Change: +44% Conversion: Easy
      COMMERCIAL (GENERAL)
      $390,000
      Change: -7% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Spartanburg
    County
    Spartanburg
    State
    South Carolina
    Longitude
    -82.0208
    Latitude
    34.9698
    CBSA code
    43900
    CBSA name
    SPARTANBURG, SC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $13,131
    $5,975
    $30,705
    $36,680
    -
    $100,000
    $513,900
    $613,900

    Comparable in this City

    • Value Estimation by Request
      2,494 SF

      110 Pearl St

      OFFICE BUILDING • 2,494 SF
      110 Pearl St, Spartanburg, SC 29303-2923
      View Details
    • Value Estimation by Request
      10,112 SF

      401 Landers Rd

      OFFICE BUILDING • 10,112 SF
      401 Landers Rd, Spartanburg, SC 29303-5013
      View Details
    • Value Estimation by Request
      3,098 SF

      644 Asheville Hwy

      OFFICE BUILDING • 3,098 SF
      644 Asheville Hwy, Spartanburg, SC 29303
      View Details
    • Value Estimation by Request
      5,248 SF

      115 Boy St

      OFFICE BUILDING • 5,248 SF
      115 Boy St, Spartanburg, SC 29303-2028
      View Details
    • Value Estimation by Request
      1,872 SF

      986 Asheville Hwy

      OFFICE BUILDING • 1,872 SF
      986 Asheville Hwy, Spartanburg, SC 29303-2645
      View Details
    • Value Estimation by Request
      676 SF

      809 Pne St

      OFFICE BUILDING • 676 SF
      809 Pne St, Spartanburg, SC 29303-3128
      View Details

    Similar Nearby for Sale

    • $259,900
      1,584 SF

      Commercial Building on Highway 9

      1584 sq ft building on 0.40 acres near downtown.
      1209 Boiling Springs Rd, Spartanburg, SC 29303
      View Details
    • $1,100,000
      5,072 SF

      Spartanburg Office Building For Sale

      5,072 SF office building available in Spartanburg, SC.
      1330 Boiling Springs Rd, Spartanburg, SC 29303
      View Details
    • $275,000

      Commercial Property Near Major Hospital

      Strategically located commercial property suited for medical or professional services.
      681 Chesnee Highway Ext, Spartanburg, SC 29303
      View Details
    • $385,000
      2,228 SF

      N Town Office Building - Spartanburg

      Prime Office Space, I-85 Visibility
      175 Town Dr, Spartanburg, SC 29303
      View Details
    • $275,000
      0.68 Acres

      I-85 Commercial Land, Spartanburg SC

      High-traffic commercial lot, excellent visibility.
      2199 Chesnee Hwy, Spartanburg, SC 29303
      View Details
    • $1,349,000
      3.20 Acres

      Chesnee Hwy Commercial Land

      3.2 Acres Retail Development Land
      0 Chesnee Hwy, Spartanburg, SC 29303
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      2,122 SF

      Spartanburg Office Space Available

      Office space available for lease in Spartanburg, South Carolina.
      5020 N Blackstock Rd, Spartanburg, SC 29303
      View Details
    • $430,000
      4,645 SF

      Medical Office Space Available

      4,645 SF medical office space for lease.
      1241 Boiling Springs Rd, Spartanburg, SC 29303
      View Details
    • $625,000
      5,000 SF

      Spartanburg Warehouse and Office Space

      5,000 SF warehouse and office space for lease.
      190 Metro Dr, Spartanburg, SC 29303
      View Details
    • $20 SF/Yr
      1,500 SF

      Renovated Office Space Available

      Newly renovated office space in a high-visibility location.
      901 S Pine St, Spartanburg, SC 29303
      View Details
    • Contact for pricing
      5,067 SF

      Flexible Space in Northside Community

      Adaptable retail and office spaces in a prime location.
      300 Aden St, Spartanburg, SC 29303
      View Details
    • $18 SF/Yr
      1,218 SF

      Office Suites in Spartanburg

      Office suites available in Spartanburg near downtown and amenities.
      900 S Pine St, Spartanburg, SC 29303
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    223 Nene Dr
    Spartanburg, SC 29303-6617
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.